Published on 4/29/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $355,000 autocallable reverse convertibles on Royal Caribbean
By Marisa Wong
Morgantown, W.Va., April 29 – Credit Suisse AG, London Branch priced $355,000 of contingent coupon autocallable reverse convertible securities due July 6, 2020 linked to the common stock of Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 6.25% if the stock closes at or above its 65% coupon barrier on the observation date for that month.
The notes will be called at par if the shares close at or above the initial share price on Oct. 1, Dec. 31, 2019 or April 1, 2020.
The payout at maturity will be par unless the shares finish below the initial price and close below the 65% knock-in level on any day during the life of the notes, in which case investors will receive a number of shares of Royal Caribbean stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Royal Caribbean Cruises Ltd. (Symbol: RCL)
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| Amount: | $355,000
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| Maturity: | July 6, 2020
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| Coupon: | 6.25%, payable monthly if stock closes at or above knock-in price on related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below initial price and closes below knock-in price on any day during life of notes, in which case a number of Royal Caribbean shares equal to $1,000 divided by the initial share price
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| Call: | At par if shares close at or above initial share price on Oct. 1, Dec. 31, 2019 or April 1, 2020
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| Initial level: | $115.61
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| Coupon barrier: | $75.1465, 65% of initial share price
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| Knock-in price: | $75.1465, 65% of initial share price
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| Pricing date: | April 1
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| Settlement date: | April 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22549JH94
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